CU Insight

CONTACT:   Jessica Lewis
703-842-2263
jlewis@nafcu.org

WASHINGTON – NAFCU has issued over 1,600 financial literacy certificates to credit union volunteers since it launched its program in January to help credit unions meet NCUA’s fiduciary duties rule.

“With the July 27 compliance deadline approaching, it’s not surprising that there’s been strong participation in our financial literacy programs. In fact, courses providing such training were among the most highly attended sessions at our recent Annual Conference & Exhibition in San Francisco,” said NAFCU President Fred Becker.

“Credit union directors know that it is vital that they meet this requirement to ensure that they are making informed decisions on behalf of their credit unions and their members,” he added.

Under NCUA’s fiduciary duties rule, credit union directors must become “financially literate” within six months of their appointment to a board. Those seated before Jan. 27, 2011, have until July 27 to comply.

NAFCU’s Online Training for Volunteers and New Staff  offers a financial literacy module designed to meet the rules and requirements. In addition, NAFCU provided financial literacy training at its Volunteers Conference in May and Annual Conference & Exhibition earlier this month, as well as in several live webcasts that are now available on demand.

For more information on how to become eligible to obtain a NAFCU Certificate of Financial Literacy for Directors, visit www.nafcu.org/VolunteerCertificates.

NAFCU is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.